On Wednesday, Dogecoin (DOGE-USD) broke out of a weeks-long slump with a sudden 9% price jump. While the broader cryptocurrency market stayed quiet, meme coins like Dogecoin and Pepe saw a wave of new buyers who were looking for fast-moving opportunities. Dogecoin’s price climbed to roughly $0.1457, a level it hasn’t seen in weeks, proving that the famous Doge still has plenty of fans in the crypto world.
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Why Is Dogecoin’s Price Moving?
The jump in Dogecoin’s price is less about news and more about market psychology. When big coins like Bitcoin don’t move much, traders often get bored and look for high-beta assets, which are tokens that move more aggressively. Analysts noted that a “leveraged Dogecoin ETF” was one of the best-performing funds to start the year, showing that people are feeling brave enough to take bigger risks again.
Dogecoin Price Breaks Out the Downtrend
Technically, this move is important because Dogecoin climbed back above its 50-day moving average. This is a line that many traders watch to see if a coin is healthy.
By crossing this line with high trading volume, Dogecoin signaled that the constant selling from December might finally be over. Buyers stepped in during the U.S. trading session to push the price right to the $0.1457 mark, a key psychological barrier.
For this rally to last, Dogecoin needs to stay above the $0.138 level. If it can hold that ground, experts believe it could soon push toward $0.15 or even higher. However, because meme coins are driven mostly by excitement rather than real-world utility, the price can drop just as fast as it rose if the general mood of the market turns sour again.
At the time of writing, Dogecoin is sitting at $0.1457.
